Bansal Wire Industries Q2 FY27 results: net profit up 38.0% to ₹52.90 crore, revenue up 23.9%

How did Bansal Wire Industries perform in Q2 FY27?

Bansal Wire Industries reported consolidated revenue of ₹1,308 crore for Q2 FY27, up 23.9% from ₹1,055 crore in Q2 FY26 and 12.0% from ₹1,168 crore in Q1 FY27. EBITDA rose to ₹104.61 crore from ₹76.78 crore a year earlier and ₹56.36 crore in the previous quarter. The EBITDA margin was 8.0%, compared with 7.3% in Q2 FY26 and 4.8% in Q1 FY27.

Profit before tax was ₹71.82 crore, up 40.9% from ₹50.98 crore in Q2 FY26 and 175.8% from ₹26.04 crore in Q1 FY27. The company reported a net profit of ₹52.90 crore, against ₹38.32 crore a year earlier and ₹20.46 crore in the previous quarter. Basic EPS was ₹0.68, compared with ₹2.46 and ₹1.31, respectively. On the standalone basis, revenue was ₹1,276.25 crore and profit after tax was ₹40.87 crore.

What changed in Bansal Wire Industries' costs and profit?

Total expenses were ₹1,237 crore in Q2 FY27, up ₹227.52 crore or 22.5% from Q2 FY26. Cost of materials increased by ₹202.48 crore to ₹1,028 crore, employee cost by ₹5.31 crore to ₹54.09 crore, finance costs by ₹2 crore to ₹17.73 crore, depreciation by ₹0.61 crore to ₹15.49 crore and other expenses by ₹25.40 crore to ₹152.92 crore.

Other income fell by ₹4.39 crore to ₹0.42 crore from ₹4.81 crore in Q2 FY26. The company reported an exceptional gain of ₹0.01 crore, while there was no exceptional item in the year-ago quarter. Tax expense increased by ₹6.26 crore to ₹18.92 crore from ₹12.66 crore.

Against Q1 FY27, cost of materials was higher by ₹106.90 crore, other expenses by ₹28.99 crore, employee cost by ₹7.14 crore and finance costs by ₹2.27 crore. Other income was higher by ₹0.07 crore, there was an exceptional gain of ₹0.01 crore against no exceptional item, and tax expense was higher by ₹13.34 crore. The earnings call attributed the quarter’s operating performance to a richer product mix, a more efficient Dadri plant and higher utilisation.

How did the first half of FY27 go?

In H1 FY27, Bansal Wire Industries reported consolidated revenue of ₹2,476.03 crore, up ₹481.62 crore or 24.1% from ₹1,994.41 crore in H1 FY26. Total income rose 23.7% to ₹2,476.8 crore from ₹2,001.84 crore, while profit before tax fell 3.1% to ₹97.86 crore from ₹101.01 crore.

Profit after tax for the first half was ₹73.37 crore, down ₹4.23 crore or 5.5% from ₹77.60 crore in H1 FY26. Basic EPS was ₹0.94, compared with ₹4.96. The investor presentation reported cash profit of ₹70.7 crore for H1 FY27, up 26.4% year on year.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹2,626.3 crore, compared with ₹2,516.85 crore at 31 March 2026, while total equity rose to ₹1,504.45 crore from ₹1,430.67 crore. Borrowings fell to ₹333.36 crore from ₹552.21 crore and cash declined to ₹0.96 crore from ₹2.10 crore.

Inventories decreased to ₹648.84 crore from ₹707.85 crore, while trade receivables increased to ₹652.10 crore from ₹594.25 crore and trade payables rose to ₹627.58 crore from ₹368.54 crore. H1 FY27 operating cash flow was ₹339.16 crore, up from ₹148.34 crore in H1 FY26; investing cash flow was negative ₹87.21 crore against negative ₹108.56 crore, and financing cash flow was negative ₹253.09 crore against negative ₹39.80 crore.

Capital expenditure in H1 FY27 was ₹69.12 crore, compared with ₹114.04 crore in H1 FY26. The company’s investor presentation said operating cash flow of ₹339 crore in H1 FY27 exceeded ₹333 crore generated in all of FY26, while working-capital days fell from 75 to 49 over the last two quarters.

How has Bansal Wire Industries done over the last 8 quarters?

Revenue rose year on year in each of the last six quarters. It bottomed at ₹924.61 crore in Q3 FY25 and reached ₹1,308.14 crore in Q2 FY27, the highest point in the eight-quarter series. The latest quarter therefore extended the revenue direction, but there was no revenue-growth streak figure to report.

Net profit bottomed at ₹20.46 crore in Q1 FY27 and reached ₹52.90 crore in Q2 FY27, the highest point in the series. The EBITDA margin bottomed at 4.8% in Q1 FY27 and peaked at 8.3% in Q3 FY26, before recovering to 8.0% in the latest quarter.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 22 October 2026, and took on record the limited review report of Prateek Gupta & Company, Chartered Accountants. The same-day investor presentation covered operating performance, cash generation, capacity expansion and capital priorities. The excerpts provided do not announce a dividend, fund raise or appointment.

What did Bansal Wire Industries' management say?

Management maintained a 20% year-on-year volume-growth target for H2 FY27, specifically for Q3 and Q4, and said this was not a full-year target. It reiterated ₹7,000-7,500 EBITDA per ton for H2 FY27, said ₹7,000-8,000 was achievable for FY27 subject to no major external shock, and set a long-term target of ₹8,000-10,000 or more per ton as specialty-wire volumes scale.

Management said capacity was expected to rise from 6.8 lakh tons to approximately 8.3 lakh tons by end-FY28 through the Dadri brownfield and Sanand greenfield projects. It indicated annual capex of ₹200-225 crore in prepared remarks and described a broader ₹200-250 crore annual expansion-capex framework funded from internal accruals. Cumulative operating cash flow remains targeted at approximately ₹800 crore across FY27-FY28, with ROCE moving toward 25%.

Management identified wire-rod availability, gas availability and pricing, steel tyre cord approvals and market absorption as risks. It said suppliers diverted wire-rod output to TMT and experienced breakdowns, while gas prices remained around 2.5x normal despite pass-through. It also noted that EBITDA per ton includes an estimated ₹200 per ton one-time inventory gain and may not be fully sustainable.

On steel tyre cord, management said three customer developments were under way and that at least one commercialisation was targeted within six months if not sooner. Mr Pranav Bansal said, “I feel confident that out of these three developments, at least one of them should be able to click within the next six months, if not sooner.” No analyst concerns were listed in the supplied earnings-call record.

How did Bansal Wire Industries shares react?

After the filing appeared in the market, the stock was down 5.6% after five minutes, 4.1% after 15 minutes and 3.5% after 30 minutes. It closed 6.2% below its previous close on the reaction day; by the next day’s close it was down 3.6% from that pre-results close, and by five sessions it was down 6.6%.

The Iron & Steel Products industry median fell 1.4% on the reaction day, 4.2% by the next day’s close and 1.8% by five sessions. Bansal Wire therefore moved 4.7 percentage points below the industry median on the reaction day, 0.7 percentage points above it by the next day’s close and 4.8 percentage points below it by five sessions.

Earlier reaction-day moves were negative on six of the eight listed results dates: 7.1% on 22 July 2026, 0.7% higher on 29 April 2026, 4.8% lower on 19 January 2026, 4.8% lower on 4 November 2025, 2.2% lower on 21 July 2025 and 2.4% lower on 20 May 2025. The stock was higher by 5.2% on 11 November 2024 and 5.4% on 31 July 2024.

How did other Iron & Steel Products companies do?

Among 27 Iron & Steel Products companies compared for the quarter, the median revenue growth was 23.2%, compared with Bansal Wire Industries’ revenue growth of 23.9%. Fourteen peers grew slower than the company, while 13 grew faster. Of the 32 peers used for the profit comparison, 21 reported higher profit.